3 unchanged sentences
Interest Rate Risk
−Removed: We are exposed to interest rate risk on short-term and long-term financial instruments carrying variable interest rates.
−Removed: The variable rate financial instruments consist of the outstanding borrowings on our revolving credit facility.
−Removed: On June 29, 2022, $271.3 million was outstanding under the revolving credit facility.
−Removed: The impact on our annual results of operations of a hypothetical one-point interest rate change on the outstanding balance of these variable rate financial instruments as of June 29, 2022 would be approximately $2.7 million.
−Removed: Food and Commodity Price Risk
−Removed: We purchase certain commodities such as beef, pork, poultry, seafood, dairy, produce, food oils, and natural gas.
−Removed: These commodities are generally purchased based upon market prices established with vendors.
−Removed: These purchase arrangements may contain contractual features that fix the price paid for certain commodities.
−Removed: We do not use financial instruments to hedge commodity prices because these purchase arrangements help control the ultimate cost paid.
+Added: The terms of our revolving credit facility require us to pay interest on outstanding borrowings at SOFR plus an applicable margin based on a function of our debt-to-cash-flow ratio.
+Added: As of June 28, 2023, $161.3 million was outstanding under the revolving credit facility.
+Added: The impact on our annual results of operations of a hypothetical 100 basis points interest rate change on the outstanding balance of this variable rate financial instrument as of June 28, 2023 would be approximately $1.6 million.
+Added: Commodity Price Risk
+Added: We purchase food and other commodities for use in our operations based on market prices established with our suppliers.
+Added: While our purchasing commitments partially mitigate the risk of such fluctuations, there is no assurance that supply and demand factors such as disease, inclement weather or recent geopolitical unrest, will not cause the prices of the commodities used in our restaurant operations to fluctuate.
+Added: The aggregate impact of these and other factors have contributed to significant cost inflation.
+Added: Additionally, if there is a time lag between the increasing commodity prices and our ability to increase menu prices or if we believe the commodity price increase to be short in duration and we choose not to pass on the cost increases, our short-term financial results could be negatively affected.
Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.